Sharing the Profit: F&I and Sales Pay Plans. George Angus President/Director of Training
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2 Sharing the Profit: F&I and Sales Pay Plans George Angus President/Director of Training
3 The Good News The future looks bright for auto sales and leasing. New-vehicle sales were 5.5 million units in 203. In July, Edmunds estimated a Seasonally Adjusted Annual Rate (SAAR) for 204 of 6.8 million new vehicle sales. Source: Edmunds
4 New-car sales were up 4.7 percent or 48.8 percent of new-vehicle sales from 203. Sales of light trucks increased 0.3 percent or 5.2 percent of total vehicle sales. Overall, sales of new cars and trucks were up 7.5 percent. Source: NADA 204
5 The Challenge The gross profit margin on new-vehicle sales continued downward, falling to 3.8 percent in 203 from 4.2 percent the previous year. Meanwhile Source: NADA 204
6 F&I, service contracts and other products accounted for 38.8 percent of gross profit in the new- and used-vehicle departments in 203, up from 36.9 percent the previous year. Source: NADA 204
7 Average pay nationally F&I Managers $28,500 Sales Managers $22,500 Sales Consultants $63,800 Source: 203 Nada Dealership Workforce Industry Report
8 Averages: Top Performing F&I Dealers F&I Managers $206,600 Sales Managers $36,300 Sales Consultants $65,000 Source: 204 Applied Research Study
9 Top Performing F&I Dealerships F&I Managers $206,600 Sales Managers $36,300 Sales Consultants $65,000 General Managers $228,500 Source: 204 Applied Research Study
10 This widening gap in profit sources is causing morale problems and affecting retention rates for dealers.
11 Of total dealership employees, one out of four new hires leaves within a year, and almost half are gone before three years. Source: NADA 203
12 In the Sales department, Six out of ten car sales consultants leave the dealership each year. Source: NADA 203
13 New hires in sales are terminated at a 90 day rate of 40%.
14 4 percent of all dealership new hires are Gen Y Yet the 90 day turnover rate among Gen Y is 54%.
15 Addressing this widening gap in compensation evokes the most emotional responses of any issue we have studied.
16 From a Salesperson Listen, I work a phone prospect or internet lead for days to get them in the door. Then after 4 or 5 hours of test drives, switching cars, and negotiating a deal, we end up giving the car away just to move a unit. And for all of that I get a $00 mini.
17 Then, the customer goes into F&I for 30 minutes and they bump the payment it took me an hour to get them to agree to and make on the back while we make nothing on the front.
18 That s a deal I produced. If I hadn t sold the car they wouldn t have had a chance to make that profit. I should get some of that money.
19 From a Sales Manager I manage a sales staff, control inventory, make sure the cars are ready for sale on the lot, train and hire new people because I can t hang on to the good ones because they aren t making any money, and take the heat for every customer problem.
20 Meanwhile, the F&I manager sits in there all day playing on the internet, waiting for us to put a deal together so they can do their 30 minutes of work. And they get paid more than me? Something s not right here.
21 From an F&I Manager F&I is a separate department from sales. I have earned my position in F&I. I deserve what I make. If you think I get paid too much, try to survive without the income F&I brings in. F&I makes more profit than the sales department with a 2 by 5 foot office and a computer
22 Why should I share what I generate in here with sales? I sold cars for years and I had to live on commission. I still do. If sales people can t sell cars and hold decent grosses, then that s their problem
23 Taking money from the highest net profit department in the dealership and giving it to people who aren t generating it makes no sense.
24 From a Dealer Principal Certainly, F&I income is important. I can t be profitable without it. But I can t keep paying these F&I managers as much as my General Manager. And the salespeople are starving. I have to do something to keep my good salespeople
25 My F&I manager is a bit of a Prima Donna but my service contract agent says I would have trouble finding anyone as productive for any less money. Plus, my CSI scores are good and the guy is honest and makes me money
26 But how much of my gross profit can I pay out in commissions? There has to be a way to balance our compensation without giving away the dealership.
27 Some Suggested Solutions
28 Some Suggested Solutions Give spiffs to Sales Department Incentivize sales cooperation by giving some form of commission based on F&I performance. Pro: Promotes cooperation between sales and F&I Cons: Salespeople may get too involved in selling F&I products and this can lead to preexposure and sales resistance during the F&I process The dealer pays out more compensation if the F&I percentage stays the same
29 Some Suggested Solutions Reduce the F&I Manager s pay but at the same time cut their hours. Quotes from a recent Automotive News article: The dealership switched from an all-commission pay plan for finance managers to salary plus bonuses. Finance managers now typically make $7,000 to $8,000 a month instead of the $2,000 or $3,000 a month previously paid in those positions. But they get more time off. "What we're finding out is we don't have to pay the higher amounts to get the same production," he says. "And we've got happier people because they're not working 80 hours a week."
30 Some Suggested Solutions Pros: Better quality of life for F&I Managers Lower the amount of commission the dealer is paying Cons: Turnover. From the article, There has been turnover -- some finance managers didn't like the new plan -- but that's not all bad, the dealer says. The turnover has allowed the dealership to promote good performers from the sales floor to finance. However, there is a risk of losing top F&I performers who can find better paying positions with competitors. Increased training costs to train new F&I managers
31 Some Suggested Solutions Go to a shared percentage of total Gross or Net profit Some dealers converted their pay plans for all staff to a percentage of the combined gross profit from both sales and F&I. The salesperson gets a percentage of the total income, as do the sales managers and F&I managers.
32 Some Suggested Solutions Go to a shared percentage of total Gross or Net profit Pros: Creates teamwork among the sales and F&I staffs. Creates a fixed percentage of compensation for the dealer. Cons: May affect the motivational aspects of a individual performance based pay plan and reduce incentive to hold gross profits on the front and profit in F&I. The argument over who should get what percent of the profit still exists.
33 Some Suggested Solutions Eliminate the F&I position altogether and go to a Hybrid system where the salesperson also sells the financing and the F&I products. Pros: Salespeople have the chance to make more money. Reduced overall compensation for the dealer. Some claim Customer Satisfaction increases. (?) Cons: Compliance issues. Paperwork problems. Inevitable loss of F&I income
34 What are your solutions?
35 George Angus Team One Website:
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